Report: Walmart's Billionaire Waltons Give Almost None Of Own Cash To Foundation Report: Walmart's Billionaire Waltons Give Almost None Of Own Cash To Foundation {{article.article.images.featured.caption}} Opinions expressed by Forbes Contributors are their own. Full Bio The author is a Forbes contributor. The opinions expressed are those of the writer. Loading ... Loading ... This story appears in the {{article.article.magazine.pretty_date}} issue of {{article.article.magazine.pubName}}. Subscribe The Walton family is America's richest, worth some $140 billion between them and longtime fixtures of the Forbes 400 list thanks to their approximate 50% ownership of Walmart, the world's largest retailer. Their Walton Family Foundation, established by the late Sam and Helen Walton in 1988, is considered a heavyweight in the world of nonprofits with just under $2 billion in assets. In 2013 alone, the Foundation invested $325 million across three key areas: education reform, the environment and the family's home region of northwest Arkansas. One of the Foundation's major recipients has been Alice Walton's stunning Crystal Bridges Museum of American Art, funded to the tune of $1.2 billion.

However, almost none of this largesse is the result of donations from the Waltons themselves, according to a report released on Tuesday by Walmart 1 Percent, a project of union-backed Making Change at Walmart. Says the study, which can be viewed in full here : The central finding of this report is simple: Our analysis of 23 years’ worth of the Walton Family Foundation’s tax returns shows that Rob, Jim, Alice and Christy Walton—the second generation Walmart heirs—have contributed almost none of their personal fortune to the foundation which bears their family name.

Specifically: - Rob and Alice Walton made zero individual contributions to the Foundation during the 23 years we examined; - Jim Walton made a single personal contribution of $3 million to the Walton Family Foundation, more than 15 years ago; - Rob, Jim, and Alice Walton and the family holding company they control (Walton Enterprises) have been responsible for only .13% of all contributions to the Walton Family Foundation ($6.4 million); - Among the second generation Walton heirs, it is the in-law, Christy, who has been responsible for the largest share of contributions to the Foundation; - The four Walmart heirs and Walton Enterprises combined have been responsible for only 1.2% of all contributions to the Walton Family Foundation.

The combined lifetime contributions of the second generation Walmart heirs and their family holding company to the Walton Family Foundation come to $58.49 million, or: ■■ About .04% of the Waltons’ net worth of $139.9 billion; ■■ About .34% of the estimated $17.1 Billion in Walmart dividends that Rob, Jim, Alice and Christy received during the years we analyzed; ■■ Less than one week’s worth of the Walmart dividends the Waltons will receive this year; ■■ Less than the estimated value of Rob Walton’s collection of vintage sports cars. The report goes on to detail how the Foundation has been funded over the years, namely by tax-avoiding trusts established with assets provided by the late Sam, Helen and John Walton or their estates. The study found that 99% of the Foundation's contributions since 2008 have been channeled through 21 Charitable Lead Annuity Trusts. These CLATs, as they're known, are specifically designed to help ultra-wealthy families avoid estate and gift taxes.

While using foundations to thwart the tax man is nothing new for the very rich, Walmart 1 Percent describes the family's philanthropic activities as less a tax dodge and more another "outpost in the vast Walton family business empire": "The Walmart heirs have built one of the largest and most powerful private foundations in the country—at almost no cost to themselves. They have done so with the assistance of financial experts who manage the family holding company, Walton Enterprises, and the Walton Family Foundation with a keen eye toward maximizing the family’s wealth. In addition, the Waltons are exploiting complex loopholes in the tax code in order to avoid billions of dollars in estate taxes by funding their Foundation with special trusts." This table below illustrates how the Waltons have "gamed the system," in the words of Walmart 1 Percent: The report goes on to compare the Walton family's philanthropic activities to both those of other billionaires and the charitable donations of average Americans. Walmart 1 Percent finds the Waltons "far less generous" than other wealthy philanthropists and everyday donors alike.

Whereas Bill Gates and Warren Buffett have given 36.2% and 26.9% of their respective wealth to charitable causes, the Walmart heirs have between them given 0.04% of their fortune, per the report. Meanwhile, the average middle class earner with a salary of $50,000 to $99,000 contributes 6% of their discretionary income to charity, says the report, basing this figure on data from The Chronicle of Philanthropy . The team behind the analysis is aware of the limitations of their data, namely that the Waltons may well "make charitable contributions to entities other than the Walton Family Foundation." However, the group "did not find evidence of major, sustained giving by the Waltons to charitable organizations" other than their foundation. A representative of the Walton Family Foundation reviewed the report and provided the following statement to Forbes: "Since 1987, the Walton family has contributed more than $5 billion to charitable organizations and causes. Family members living and deceased have provided generously for the foundation.

The family has planned for the continued growth of the foundation and intends for grant making to progressively increase over time." Forbes 400: Who's In & Who's Out - CBS News CBS News By Jill Schlesinger MoneyWatch September 21, 2011, 12:24 PM Forbes 400: Who's In & Who's Out The Forbes 400 list of the richest people in the US is out -- let the games begin! Bill Gates once again tops the list, with a net worth of $59 billion, up $5 billion from last year, followed by America's favorite investor, Warren E. Buffett, the man who just might have a millionaire's tax named in his honor. Then there's the Walton family, heirs to the Walmart fortune, who account for three of the top ten spots.

Of the top 10, here are a few interesting facts: 5 are self-made (Gates, Buffett, Ellison, Soros and Adelson) 3 have joined " The Giving Pledge " in which participants agree to give the majority of their wealth to philanthropy (Gates, Buffett and Ellison) All 10 have made philanthropy a major part of their lives 6 are married (Gates, Buffett (remarried after being widowed), both Koch brothers, Jim Walton, Adelson) 2 are widowed (Buffett and Christy Walton) 3 are divorced (Ellison, Soros, Alice Walton) 3 dropped out of college (Gates, Ellison and Adelson) One other change of note: Facebook founder Mark Zuckerberg zoomed up 21 places on the list this year to number 14, as the value of his company skyrocketed. At age 27, his net worth is now $17.5 billion. Here's the top 10 richest Americans, according to Forbes. You can see the full list here . 1.

Bill Gates (age 55) - $59B: founder of Microsoft and co-founder with his wife, Melinda, of the Gates Foundation, a philanthropic organization that he runs with his wife Melinda. 2. Warren Buffett (age 81) - $39B: CEO of investment conglomerate Berkshire HathawayOracle of Omaha 3. Larry Ellison (age 67) - $33B: founder and CEO of Oracle 4. (tie) Charles Koch (age 75) - $25B: Chief executive of conglomerate Koch Industries, which his father Fred C. Koch founded 4. (tie) David Koch (age 71) - $25B: Vice-president Koch Industries. Founder of Americans for Prosperity, a conservative nonprofit 6. Christy Walton (age 56) - $24.5B: heir to Walmart (widow of John, Walmart founder Sam Walton's son) 7. George Soros (age 81) - $22B: founded and operates hedge funds 8.

Sheldon Adelson (age 78) - $21.5B: Casino owner and new to the top 10 this year 9. Jim Walton (age 63) - $21.1B: Son of Walmart founder Sam Walton and currently runs the family's Arvest bank 10. Alice Walton (age 61) - $20.9B: Daughter of Walmart founder Sam Walton S. Robson Walton, son of Walmart founder Sam Walton and Michael Bloomberg: founder of financial news firm Bloomberg LP, both fell out of the top 10, replaced by Soros and Adelson. I know this is a perverse diversion, especially after last week's Census Bureau data, which revealed that 15.1 percent of the US population, or 46 million Americans, lives below the poverty level (family of four earning less than $22,314). Or that median household income in 2010 was $49,445, down 2.3 percent from 2009 and the third consecutive annual drop. For those of you keeping score, annual income is now roughly where it was in 1996, adjusted for inflation.

And yet, here it is -- the rich list that captivates us each year. It's like reality TV--a guilty pleasure, after which you engage in it, makes you feel a little dirty. More on MoneyWatch: Warren Buffett, Bill Gates, Larry Ellison: The Richest People in America - ABC News ABC News The Forbes 400: The Richest People In America By LUISA KROLL WATCH Obama: 'Buffett Rule' Would Raise Taxes for Rich 0 Shares Email Despite the stalled economy, the nation's wealthiest are worth a combined $1.53 trillion, nearly equivalent to the GDP of our neighbor Canada. Their total wealth is up 12 percent in the year through August 26, when we took a snapshot of everyone's net worth, meaning these affluent folks did slightly better than the markets; the S&P 500, for instance, was up 10 percent in that time. But it's not simply a case of the rich getting richer. The Forbes 400 grows more meritocratic over time. An all-time high 70 percent of this year's list are self-made, up from 55 percent in 1997.

Bill Gates was the richest person for the 18th straight year, worth $59 billion; the last time he didn't rank no. 1 was in 1993 when his good friend Warren Buffett was on top. Buffett, who's been spending a lot of time talking about raising taxes on the rich, is still no. 2 but the gap is widening. His fortune tumbled $6 billion in the past year, making him the biggest loser in terms of total dollars. He gave away $3.27 billion since last year's rankings but was also pinched by a 10 percent drop in Berkshire Hathaway's stock. Rounding out the top 10 on The Forbes 400: Oracle founder Larry Ellison ($33 billion), industrialists Charles and David Koch ($25 billion apiece), Wal-Mart heirs Christy Walton ($24.5 billion), Jim C. Walton ($21.1 billion) and Alice Walton ($20.9 billion), hedge fund investor George Soros ($22 billion), and casino king Sheldon Adelson ($21.5 billion).

The headlines in our 30th year of The Forbes 400 belong not to the old stalwarts but to a younger group of entrepreneurs marching their way up the ranks, particularly those who are profoundly impacting social behavior online. These entrepreneurs are using technology to unleash power and make fortunes, and it is these folks who will likely help jump start the American economy again. Leading the pack is Facebook's Mark Zuckerberg, who added $10.6 billion to his fortune, making him the year's biggest gainer and pushing him into the top 20 for the first time – he ranks no. 14 with a net worth of $17.5 billion. That puts him ahead of Google rivals Sergey Brin and Larry Page, who added $1.7 billion apiece to their fortunes but slipped five spots in the rankings and are tied at no. 15. The hoodie-clad 27-year-old Zuckerberg is one of six club members to get rich from Facebook. Others include newcomers Sean Parker and Jim Breyer, Facebook's venture capitalist, as well as Zuckerberg's former roommate Dustin Moskovitz, whose birthday is eight days after the Facebook chief's, making him America's youngest billionaire.

Three other social media mavens made their debut including LinkedIn's Reid Hoffman, Groupon's Eric Lefkofsky and Zynga's Mark Pincus. Other notable entrepreneurs among the 18 newcomers include Green Mountain Coffee's Bob Stiller, Go Daddy's Bob Parsons, and energy tycoons Farris and Dan Wilks. Six people including Starbucks' Howard Schultz and Quicken's Dan Gilbert returned to the list after a year or more absence. Three members of last year's list have died: John Anderson, William Cook and Jess Jackson. Twenty-one missed the cut including at least a dozen billionaires, like University of Phoenix's John Sperling, whose net worths were just shy of $1.05 billion, the price of admission in 2011. Richest People in the World Richest People in the World The Richest People in the World Today By Brian Warner on November 19, 2012 on Jan 17, 2017 Who are the richest people in the world today? This list is accurate as of November 18th, 2012 and should be read while sitting down with a drool bucket close by.

These men and women have so much money it might make you do something crazy, like punch a hole in the wall or start a software/mining/oil conglomerate. You'll recognize many of the names on this list of billionaires but there are a few who might raise your eyebrows. For example, did you know that the richest person in the world is not Bill Gates? The richest person in the world is not even from The United States or Europe. Perhaps even more astounding is the fact that four people on this list come from the same family and control a combined $100+ billion. Click the image below to launch our gallery or scroll down for the full list… And if you find this list interesting, you should check out our articles on the 30 Richest Americans Of All Time – Inflation Adjusted and the 25 Richest People Of All Time – Inflation Adjusted . The richest American of all time had $340 billion, far more than the richest person alive today when inflation is adjusted.

The Richest People in the World 2012 Gallery: #20 Stefan Persson - Net Worth $22.1 Billion #19 Mukesh Ambani - Net Worth $22.1 Billion #18 David Thomson - Net Worth $22.1 Billion #17 Lee Shau Kee - Net Worth: $22.3 Billion #16 Liliane Bettencourt - Net Worth $24.4 Billion #15 Bernard Arnault - Net Worth $24.5 Billion #14 Alwaleed bin Talal Al Saud - Net Worth $24.8 Billion #13 Alice Walton - Net Worth $25.7 Billion #12 Li Ka-Shing - Net Worth $26 Billion #11 S.

Robson Walton - Net Worth $26.2 Billion #10 Jim Walton - Net Worth $26.7 Billion #9 Christy Walton - Net Worth $28 Billion #8 Larry Ellison - Net Worth $35.5 Billion #7 David Koch - Net Worth $39.4 Billion #6 Charles Koch - Net Worth $39.4 Billion #5 Ingvar Kamprad - Net Worth $39.9 Billion #4 Warren Buffett - Net Worth $46.2 Billion #3 Amancio Ortega Gaona - Net Worth $51.7 Billion #2 Carlos Slim Helu - Net Worth $70.6 Billion #1 Bill Gates - Net Worth $76 Billion The Richest People in the World Full List: 1. Bill Gates $76 billion (Microsoft) 2. Carlos Slim Helú $72 billion (Telecom, mining, Philip Morris, banking) 3. Amancio Ortega $65 billion (Zara) 4. Warren Buffett $58.2 billion (Berkshire Hathaway) 5. Ingvar Kamprad $53 billion (Ikea) 6.

Larry Ellison $48 billion (Oracle) 7. Charles Koch $40 billion (Oil) 8. David Koch $40 billion (Oil) 9. Sheldon Adelson $37.5 billion (Las Vegas Sands casino) 10. Christy Walton $36.7 billion (Walmart) 11. Alice Walton $35 billion (Walmart) 12. Jim Walton $34.7 billion (Walmart) 13. Liliane Bettencourt $35.5 billion (L'Oreal) 14. Stefan Persson $34.4 billion (H&M clothing stores) 15. Rob Walton $34.2 billion (Walmart) 16. Bernard Arnault $33.5 billion (LVMH – Louis Vuitton, Moet, Hennessy) 17. Michael Bloomberg $33 billion (Bloomberg) 18. Jeff Bezos $32 billion (Amazon.com) 19. Larry Page $31.2 billion (Google) 20.

Li Ka-Shing $31 billion (Energy, mobile, ports, hotels) 21. Sergey Brin $31 billion (Google) 22. Mark Zuckerberg $30 billion (Facebook) 23. King of Thailand $30 billion 24. Michele Ferrero $ 26.5 billion (Chocolate) 25. Aliko Dangote $25 billion (sugar, cement) 26. Karl Albrecht $ 25 billion (Aldi and Trader Joes super markets) 27. Carl Icahn $24.5 billion (Investments) 28. George Soros $28 billion (Investments) 29. David Thomson $22.6 billion (Thomson Reuters news agency) 30. Lui Che Woo $22 billion (Macau casinos) 31. Dieter Schwarz $21.1 billion (Grocery stores in Europe) 32. Jacqueline Mars $21 billion (Mars candy company) 33. John Mars $21 billion (Mars candy company) 34.

Alwaleed bin Talal Al Saud $ 24.8 billion (Diversified investments) 35. Forrest Mars Jr. $20 billion (Mars candy company) 36. Jorge Lemann $19.7 billion (Anheuser-Busch InBev) 37. Lee Shau Kee $19.6 billion (Hong Kong real estate) 38. Len Blavatnik $19.5 billion (Access Industries) 39. Steve Ballmer $19 billion (Microsoft) 40. Leonardo Del Vecchio $18.9 billion (Luxxotica sunglasses) Share on Facebook Brian Warner Prior to launching Celebrity Net Worth, Brian spent seven years as the Managing Editor of one of the largest entertainment portals on the internet. Before that, Brian attended Georgetown University where he double majored in finance and marketing. A native of Northern California, Brian currently resides in Los Angeles. Follow him on Google+ . Did we make a mistake? Submit a correction suggestion and help us fix it!

The Forbes 400: The Richest People In America 2014 The Forbes 400: The Richest People In America 2014 Kerry A. Dolan and Luisa Kroll Share View photos Microsoft founder and technology advisor Bill Gates (C) and his friend Berkshire Hathaway CEO Warren Buffett (L) react during a newspaper throwing competition at a trade show, at the Berkshire Hathaway annual meeting in Omaha, Nebraska May 3, 2014. REUTERS/Rick Wilking/Files More Thanks to a buoyant stock market, the richest people in the U.S. just keep getting richer. That has made it harder than ever to join the ranks of the 400 wealthiest Americans. The price of entry to The Forbes 400 this year is $1.55 billion, the highest it’s been since Forbes started tracking American wealth in 1982. Last year it took $1.3 billion to score a spot. Because the bar is so high, 113 U.S. billionaires didn’t make the cut. Bill Gates is the richest American for the 21st year in a row, with a net worth of $81 billion.

(He’s the world’s second richest person, behind Mexico’s Carlos Slim.) The Microsoft chairman’s stake in the software company he cofounded accounts for just under 20% of his total net worth. His friend Warren Buffett, chief executive of Berkshire Hathaway, occupies the number two spot on the 400 (he’s been number 2 since 2001) with a net worth of $67 billion. Larry Ellison, who just announced that he was giving up the CEO role at Oracle, the software firm he founded, comes in at number three, with a net worth of $50 billion. More from Forbes: America’s Richest Women, 2014 Facebook cofounder and CEO Mark Zuckerberg is now the 11th richest person in the U.S., and the biggest dollar gainer on the list. His fortune soared to $34 billion, up $15 billion since last year, due to a sharp rise in the price of the social network’s shares. In percentage terms, Nicholas Woodman, founder of wearable video camera company GoPro, jumped the most, with a 200% increase in his net worth since last year, to $3.9 billion.

GoPro went public in June; the stock has been on a tear as more people buy GoPro cameras and strap them onto bike helmets, surfboards, scuba gear and more. All together the 400 wealthiest Americans are worth a staggering $2.29 trillion, up $270 billion from a year ago. That’s about the same as the gross domestic product of Brazil, a country of 200 million people. The average net worth of list members is $5.7 billion, $700 million more than last year and a record high. An impressive 303 of the 400 saw the value of their fortunes rise compared to a year ago. Only 36 people from last year’s list had lower net worths this year. Twenty-seven people fell off the list; another six people died, including businessman and Tampa Bay Buccaneers owner Malcolm Glazer. More from Forbes: Youngest Billionaires on the 2014 Forbes 400 There are 27 newcomers to the Forbes 400, including Elizabeth Holmes the youngest woman on the list, and the youngest self-made female billionaire in the world.

Just 30 years old, the Stanford University dropout has built blood testing company Theranos into a firm that venture capitalists have valued at $9 billion. She owns 50% of it. 1. Bill Gates Net worth: $81 billion, up $9 billion Source: Microsoft Richest man in America for the 21st straight year His Bill & Melinda Gates Foundation has given away $30 billion since 2000 As America’s top philanthropist, he picks and chooses which of the world’s biggest issues to tackle. This year he pledged $50 million to fight the Ebola outbreak in Africa and $1 million to advocate for gun control in Washington. Net worth is up $9 billion, helped by rising shares of Microsoft, Canadian National Railway and trash company Republic Services Cofounded Microsoft with childhood friend Paul Allen. Harvard hallmate Steve Ballmer served as longtime CEO. All three are among top 30 richest in America. Bulk of his fortune is in private investment vehicle Cascade, which holds stakes in Canadian National Railway, tractor maker Deere & Co., and South American McDonald’s franchisee Arcos Dorados (golden arches in Spanish.) Who tops the Forbes rich list this year?

Email a friend MICROSOFT co-founder Bill Gates has topped Forbes’ latest list of the 400 richest Americans for the 21st straight year. The list, released on Monday, was largely unchanged for 2014 and showed the rich getting richer. The combined wealth of those on the list rose 13 per cent to $2.62 trillion ($US2.29 trillion), helped by a stronger US stock market. Gates’ net worth totalled $92.90 billion, up $10.32 billion from 2013. Investor Warren Buffett, the head of Berkshire Hathaway Inc, remained in second place at $76.84 billion. Oracle Corp co-founder Larry Ellison also kept his No. 3 spot with $57.34 billion. Berkshire Hathaway CEO Warren Buffet walks the exhibit floor where Berkshire subsidiaries display their products prior to the annual Berkshire Hathaway shareholders meeting in Omaha, Nebraska 02/05/2009.Source:AP Brothers Charles and David Koch, co-owners of Koch Industries Inc, stay tied for fourth with $48.17 billion each.

There were 27 new members of the list, including WhatsApp co-founder Jan Koum in the 62nd spot. Facebook announced plans to buy the mobile messaging app for $21.79 billion in February. The biggest gainer is Facebook CEO Mark Zuckerberg, No. 11, whose net worth grew $17.2 billion since 2013’s list to $38.99 billion. Mark Zuckerberg has added $17.2 billion to his name since last year.Source:AP The net worth of America’s wealthiest people has risen in the years since the financial crisis, widening the gap between the exceptionally well-to-do and the rest of the country. The average net worth of a Forbes 400 member is $6.53 billion, up from $5.73 billion in 2013.

TOP 10 PEOPLE ON 2014’S FORBES 400 LIST: — Bill Gates, $92.90 billion The 10 richest Americans The 10 richest Americans 6th August 2015 by James Wray It is a known fact that there are more dollar millionaires in America than anywhere else in the world, but exactly who are the top ten richest Americans? You’ll probably heard of number one — as he’s also the richest person in the world — but have you heard of all of the others? And there’s one family that dominates the list, filling places six, seven, eight and nine. While another family take up two places. Check out the list below based on figures by Forbes to see who the richest Americans are today, along with their net worth. 10 Michael Bloomberg ($31 billion) Michael Bloomberg was mayor of New York for 12 years. Pic credit: Boss Tweed CC BY 2.0 Former New York City Mayor Michael Rubens Bloomberg held office for three consecutive terms from 2001 to 2013.

He founded Bloomberg LP, the financial data and media company which he formed in 1981 and it has gone from strength to strength. Originally a Democrat, Bloomberg switched to a Republican ticket to run for Mayor in 2001. Born in Boston on February 14, 1942, to a Jewish family, his paternal grandfather emigrated to America from Russia and his maternal grandfather emigrated from Belarus. 9 S. Robson Walton ($33.3 billion) S Robson Walton is the first of four Waltons on this list. Pic credit: Walmart CC BY 2.0 The Walton Family are the richest family in the world — and they were born rich, as they are all descended from brothers Bud and Sam Walton, founders of store giant Walmart. Samuel Robson Walton is the eldest son of Sam Walton having been born on October 28, 1944. When he graduated from High School he went to Tulsa in Oklahoma to work for Connor and Winters, the law firm that represented Walmart. In 1978 he left Tulsa to become Senior Vice President of the family company and was appointed Vice Chairman in 1982.

Two days after his father died, Sam Jnr was named as Chairman of the Board of Directors. He also owns a $500million stake in Hyatt Hotels. Sam has been married and divorced twice and has three children from his first marriage. 8 Alice Walton ($33.5 billion) Alice Walton. Pic credit: Walmart under CC license (cropped) The sister of Jim Walton, below, Alice Louise has known Bill and Hilary Clinton since they lived in the State House in Arkansas and she recently formed a political committee to raise funds for Hilary Clinton’s potential Presidential Campaign in 2016. But Alice’s real passion is art and her Crystal Bridges Museum of American Art includes works by some of the finest artists in the world including Andy Warhol. She donated a lot of her own private collection worth millions to the museum. Alice is the biggest philanthropist in the Walton family. 7 Jim Walton ($33.8 billion) Christy’s brother-in-law Jim is Sam’s youngest son and when his brother John died, Jim replaced him on the Board of Directors at Walmart. He is also Chief Executive Officer of the family owned Arvest Bank.

After he graduated from high school Jim played football at state level and he also learned to fly a plane. He went to work at Walmart in 1972 to look after their real estate but left after four years to become President of the family-owned Walton Enterprises. Jim and his wife Lynne have ensured the Walton dynasty will never die out as they have four children. 6 Christy Walton and Family ($35.4 billion) Christy married into the family, as she is the widow of Sam’s son John. When he died in June 2005, she inherited $18.2 billion. She is known to be a great philanthropist and donates a percentage of her wealth to various non-profit making organizations. She also donated her old Victorian home to the International Community Foundation. Christy supports The Walton Family Charitable Support Foundation, which concentrates on education and benefits the University of Arkansas and other colleges. She also funded the production of the film Bless Me, Ultima, which was released in February 2013 (see an interview with Christy about the film above).

4 Charles Koch (joint on $36 billion) There was never any doubt that Charles de Ganahl Koch was going to become a billionaire as he and his brother David inherited the second largest private company in America, Koch Industries, from their Dutch immigrant father. The brothers have expanded it massively since taking it over in 1967. Charles is Chairman of the Board and Chief Executive and David, who owns 42 per cent of the company, is Executive Vice President. In 2007 Charles’ book “The Science of Success” about his management philosophy was published and became an immediate success. He is a libertarian and most admired Presidents George Washington, Grover Cleveland and Calvin Coolidge. He dislikes being in the public eye and lives quietly with his wife of thirty-eight years Liz. 4 David Koch (joint on $36 billion) Charles’s younger brother is Executive Vice President of Koch Industries and he is also a major patron of the arts. He has contributed to several charities including the Lincoln Center and the American Museum of Natural History’s David H.Koch Dinosaur Wing. The New York State Theater at the Lincoln Center, home to the New York City Ballet, was renamed the David.

H.Koch Theater after he donated $100 million for its refurbishment. He survived the 1991 air crash involving USAir flight 1493 which collided with another plane upon landing in Los Angeles LAX. Like his brother, David was a Libertarian and he ran for Vice President on a libertarian ticket in the 1980 Presidential Election against Carter-Mondale and Regan-Bush but he is now a Republican. 3 Larry Ellison ($41 billion) Larry Ellison is the head of technology giant Oracle. Pic credit: Oracle PR under CC license Lawrence Joseph Ellison was born to an unmarried Jewish mother in Lower Eastside, New York City. When he caught pneumonia at the age of nine months old she gave him to her aunt and uncle to adopt and he did not meet his birth mother until he was forty-eight. He is best known for co-founding the software company Oracle of which he is Chief Executive. He has been married and divorced four times and has a girl and a boy born to his third wife. That made him determined to become wealthy and he never looked back after founding Software Development Laboratories (SDL) in 1977 with two partners.

2 Warren Buffett ($58.5 billion) This jovial 83 year-old widower from Omaha is a self-made billionaire who is known as the most successful investor of the twentieth century. This has earned the son of US Congressman Howard Buffett the nickname the Sage of Omaha. He started making money as a child selling chewing gum, coca-cola and magazines door to door and when he was at high school he and a friend spent $25 on a second-hand pinball machine and put it in a local barber’s shop. Within weeks they owned several more, placed in a selection of barber’s shops, and the rest is history. Buffett always gives the same advice to would-be investors: “Be fearful when others are greedy and greedy when others are fearful.” 1 Bill Gates ($72 billion) Bill Gates is the richest person in the world. Pic credit: OnInnovation under CC license William Henry Gates III was born in Seattle on October 28, 1955. He is well known for co-founding Microsoft with his old schoolfriend Paul Allen. As of April 2014, Bill is the wealthiest man in the world.

He always had the right pedigree to become rich, as his maternal grandfather J.W. Maxwell was President of a National Bank, his father William Henry Gates senior was a prominent lawyer and his mother served on the board of the first Interstate BancSystem. His destiny was always computers as he wrote his first program when he was at preparatory school. What would you do with all that money? Let us know in the comments below! The world’s richest people 2015 The world’s richest people 2015 Kerry A. Dolan and Luisa Kroll Share View photos Berkshire Hathaway Chairman and CEO Warren Buffett, right, gestures towards Microsoft co-founder and Berkshire board member Bill Gates, during an interview with Liz Claman on the Fox Business Network in Omaha, Neb., Monday, May 5, 2014. The annual Berkshire Hathaway shareholders meeting concluded the previous weekend. (AP Photo/Nati Harnik) More Despite plunging oil prices and a weakened euro, the ranks of the world’s richest defied global economic turmoil and expanded yet again. Forbes found a record 1,826 billionaires with an aggregate net worth of $7.05 trillion, up from $6.4 trillion a year ago.

The total includes 290 new billionaires and a record 197 women, up from 172 last year. Bill Gates is once again the richest person on the planet, a title he's held for 16 of the past 21 years. His fortune grew $3.2 billion since last year to $79.2 billion, in spite a gift of $1.5 billion in Microsoft shares to The Bill & Melinda Gates Foundation in November 2014. Carlos Slim Helú of Mexico comes in again at No. 2 while revered American investor Warren Buffett took back the No. 3 spot from Spain’s Amancio Ortega (now No. 4); Buffett was the list’s biggest gainer, up $14.5 billion to $72.7 billion, thanks to Berkshire Hathaway’s rising share price. Facebook’s Mark Zuckerberg moves up 5 spots to number 16, his first time ranked among the world’s 20 richest. Related: The World’s Youngest Billionaires At age 30 Zuckerberg is also the leader in a youth revolution that has minted a growing number of billionaires under the age of 40.

The youngest billionaire in the world is Evan Spiegel, 24, co-founder of photo-messaging app Snapchat. Silicon Valley tech companies have spawned other young new billionaires including cofounders of car-hailing service Uber, Travis Kalanick and Garrett Camp, and their first employee Ryan Graves. Elizabeth Holmes, who runs blood- testing firm Theranos, debuts on the global list as the youngest self-made woman at age 31. Gainers outnumbered losers: 819 billionaires are richer than a year ago while 519 are poorer. The year’s biggest loser in dollar terms is Aliko Dangote of Nigeria, whose fortune dropped to $14.7 billion from $25 billion last year, propelled downward by a weaker Nigerian currency and shrinking demand for cement, his largest asset. He still retains the title of Africa’s richest man. America’s biggest loser was casino mogul Sheldon Adelson, who fell out of the Top Ten to No. 18 amid a drop in the price of Las Vegas Sands shares. One hundred thirty eight people from the 2014 list dropped out of the ranks, including fashion designer Michael Kors, Zulily’s Mark Vadon and many Russians.

The number of ten-figure fortunes in Russia plunged to 88 from 111 last year due to the weak ruble and lower oil prices. Guatemala has a billionaire for the first time, and Iceland returns to the club after a seven-year absence, the result of a comeback by Thor Bjorgolfsson, who’s still the only billionaire in the country’s history. Related: New Billionaires For 2015 There’s no doubt that entrepreneurship is thriving globally. Fully 1,187 members of the list are self-made billionaires, while just 230 inherited their wealth. Another 403 inherited at least a portion but are still working to increase their fortunes. Our estimates show a snapshot of wealth on Feb. 13, when we locked in stock prices and exchange rates from around the world. If a stock market wasn’t open on that day, we used the stock price from the previous trading day.

Bill Gates Net Worth: $79.2 billion (+ $3.2 billion vs 2014) Citizenship: Untied States REUTERS/Edgar Su More Bill Gates is once again the richest person on the planet, a title he's held for 16 out of the last 21 years. He recaptured the top spot in March 2014 after a four-year run by Mexico's Carlos Slim Helu as No. 1. Early on, the stellar performance of Microsoft, which he cofounded in 1975, boosted his net worth, but he's been steadily selling his shares in the software company for at least 15 years. He unloaded one third of his remaining stake over the 12 months through February 2015. That included a gift of shares worth $1.5 billion to the Bill & Melinda Gates Foundation in November 2014, which brought his lifetime giving up to $30.7 billion. Gates, who spends most of his time focused on philanthropy, laid out some decisive goals for the foundation in his annual January letter. While continuing to work on improving U.S.

education and global health, the foundation is also committed to getting Africa to feed itself and wants to help spread mobile banking, which it believes can help transform the lives of the poor. Carlos Slim Helu & family Net worth: $77.1 billion (+$5.1 b vs. 2014) Citizenship: Mexico AP Photo/Jeremy Piper More Carlos Slim Helu remains the world's number two richest person despite changes in the Mexican telecom landscape, where he has prospered greatly over the past two decades. A new anti-monopoly law is driving some of the shifts In June 2014, he spent $5.6 billion to buy out AT&T's 8.3% stake in pan-Latin American wireless carrier America Movil -- by far Slim's most valuable asset. He and his children own a majority of the company. AT&T then became an America Movil competitor in Mexico, when it purchased wireless carrier Grupo Iusacell from Mexican billionaire Ricardo Salinas Pliego in January 2015. Outside of telecom, Slim took private his listed real estate company, Innmeubles Carso, paying minority shareholders $450 million in December 2014.

A month later, he became the largest shareholder of The New York Times, with a nearly 17% stake, by exercising warrants to buy more shares. Slim also holds a controlling interest in industrial conglomerate Grupo Carso, financial venture Grupo Financiero Inbursa and infrastructure development and operating company Ideal. Warren Buffett Net worth: $72.7 billion ( +$14.5 billion vs. 2014) Citizenship: United States REUTERS/Carlos Barria More Warren Buffett is wealthier than ever thanks to the stellar performance of his diversified holding company, Berkshire Hathaway. Its coveted Class A stock, which is the most expensive of any public U.S. company's, eclipsed $200,000 per share for the first time in August 2014. Buffett moved to No. 3 on FORBES' 2015 list of the world's richest, up from the fourth position in 2014. With dozens of subsidiaries, including in railroads, insurance and energy, Berkshire Hathaway posted $182 billion in 2013 revenue and $19.5 billion in net income.

Still inking big deals, Berkshire Hathaway bought battery maker Duracell from Procter & Gamble in November 2014 for $4.7 billion. A generous philanthropist, Buffett bested his own giving record in July 2014, giving away Berkshire shares worth $2.8 billion, primarily to the Bill & Melinda Gates Foundation but also to his children's foundations, bringing his lifetime giving to nearly $23 billion. Buffett says his best investment ever was buying Benjamin Graham's book The Intelligent Investor in 1949. He later studied under Graham before moving home to Nebraska and acquiring a struggling textiles company in 1962, Berkshire Hathaway. In early February 2015, it was the fourth most valuable public company in the U.S., with a market capitalization of $355 billion. Amancio Ortega Net worth: $64.5 billion (+$500 million vs. 2014) Citizenship: Spain Getty Images/Didier Baverel More Spaniard Amancio Ortega grew up the son of a railway worker and is now the world's richest retailer.

He cofounded Zara in 1975 with lingerie and bathrobes he and his former wife Rosalia Mera made in their living room. By the mid-1980s, he had taken Zara all over Spain and was ready to expand overseas. As his empire grew, Ortega caught the retail establishment by surprise, limiting advertising, expanding aggressively and controlling much of his own supply chain. Louis Vuitton fashion director Daniel Piette once called Inditex "possibly the most innovative and devastating retailer in the world." Ortega powered through the Spanish financial crisis, personally gaining $45 billion from 2009 to 2014 as his shares of Inditex defied the rest of the Spanish stock market. In the last decade he has taken billions in Inditex dividends and reinvested the money into real estate in marquee cities, including Madrid, Barcelona, London, Chicago, Miami and New York. Larry Ellison Net worth: $54.3 billion (+$6.3 billion vs. 2014) Citizenship: United States Kimberly White/Getty Images More Larry Ellison is arguably the first Silicon Valley tech entrepreneur to live large and fast.

He never met his biological father and was raised in a middle-class Chicago home by his great aunt. After building databases for the CIA, Ellison founded database software firm Oracle in 1977 and has overseen its tremendous growth--revenues in fiscal 2014 grew to $38.3 billion. In September 2014, Ellison shocked the business world by announcing plans to step down as CEO; he is staying on as Oracle's chairman and chief technology officer. A sailing fanatic, he's the main backer of America's Cup winner Oracle Team USA. Ellison has continued to gobble up properties on the Hawaiian island of Lanai, which he bought for a reported $300 million in 2012, and is said to own every hotel room on the island. His daughter Megan Ellison has found success as a film producer; her Annapurna Pictures produced hits like Zero Dark Thirty and American Hustle. Charles Koch Net worth: $42.9 billion (+$2.9 billion vs 2014) Citizenship: Unites States AP Photo/The Wichita Eagle, Bo Rader More Charles and David Koch's spheres of influence span business, philanthropy and politics.

The lightning-rod capitalist brothers continue to add to their empire, plunking down more than $5 billion on acquisitions in 2014. Charles has been chair of Koch Industries since 1967, overseeing massive growth of what is now the second-biggest private company in America, behind commodities giant Cargill. Their reach extends from oil pipelines, refineries and manufacturers of building materials to paper towels and even Dixie Cups. They were relative pikers in the 2014 midterm elections, spending about $2.5 million each on Republican races, but the Washington Post reported that they have exhorted their conservative compatriots to raise almost $1 billion for the 2016 presidential election. The Kochs are also active philanthropists. In mid-2014, a $25 million gift from Koch Industries and the Charles Koch Foundation to the United Negro College Fund sparked discussion across the political spectrum.

David Koch Net worth: $42.9 billion (+$2.9 billion vs 2014) Citizenship: United States AP Photo/The Wichita Eagle, Travis Heying More New York City's richest resident David Koch shares control of $115 billion (sales) Koch Industries with his older brother Charles. America's second largest private company, Koch Industries has interests in oil pipelines, refineries, building materials, paper towels and Dixie cups, and made more than $5 billion in acquisitions in 2014 including inkmaker Flint Group for a reported $3 billion and PetroLogistics for $2.1 billion. The Metropolitan Museum of Art in New York dedicated the David H. Koch Plaza in September 2014, part of a $65 million renovation he funded. Koch Industries poured more than $3 million into the 2014 midterm elections. Audio recordings leaked from not-so-secret Koch-organized meetings in June 2014 revealed Republicans including Sen. Mitch McConnell (R-Ky.) laying out their strategy for thwarting Obama's legislative agenda if the Republicans gained control of the Senate in 2014, which did indeed happen. The Kochs are also active philanthropists.

In mid-2014, a $25 million gift from Koch Industries and the Charles Koch Foundation to the United Negro College Fund sparked discussion on the left and right. Christy Walton & family Net worth: $41.7 billion (+$5 billion vs. 2014) Citizenship: United States Getty Images More Christy Walton is the wealthiest woman the world, a title she has held for five out of the past six years. She married into what became the richest family in the world--the Waltons--and inherited her wealth when her husband John Walton, a former Green Beret and Vietnam war medic, died in an airplane crash in 2005. She is the wealthiest of the Waltons thanks to an investment John made in solar-panel maker First Solar. The bulk of her holdings are in Wal-Mart, the huge retailer founded by her father-in-law Sam Walton and his brother James in 1962. Christy received $470 million in Wal-Mart dividends after taxes in 2014.

She leads a very private life in Jackson, Wyoming, but in 2013 had a rare bit of publicity when she was given an award by the Imagen Foundation for producing the film Bless Me, Ultima, based on the book by Rudolfo Anaya, who is considered the father of Chicano literature. Her son successfully battled cancer when he was just 3 years old and she herself fought a case of pneumonia that nearly killed her, according to the Imagen Foundation. Jim Walton Net worth: $40.6 billion (+$5.9 billion vs. 2014) Citizenship: United States Jim Walton and Alice Walton (AP Photo/April L. Brown) More Jim Walton, a board member of Wal-Mart, is the youngest child of the superstore's legendary founder Sam Walton. The company generated $473 billion in 2014 revenues from with more than 11,000 stores in 27 countries. In February 2015, Wal-Mart announced it would raise its wages in the U.S. to at least $9 an hour in 2015 and at least $10 an hour in 2016.

Labor advocates had called for a jump to $15 an hour. Outside of Wal-Mart, Jim Walton is chairman and CEO of the family-founded Arvest Bank, which has branches in Arkansas, Kansas, Oklahoma and Missouri. The bank has assets of nearly $15 billion and had net profits of nearly $130 million in 2013. Liliane Bettencourt & family Net worth: $40.1 billion (+$5.6 billion vs 2014) Citizenship: France REUTERS/Benoit Tessier More L'Oreal grand dame Liliane Bettencourt grew even richer in 2014 thanks to a deal in which she purchased an additional 8% stake in the cosmetics empire from Nestlé, raising her and her family's chunk of L'Oreal stock to 33%. Her father, Eugene Schueller, founded L'Oreal in 1907. Bettencourt has not been involved in running the company for several years; a legal battle with her daughter Françoise Bettencourt Meyers ended in 2011 with Liliane declared unfit to manage her affairs.

The elderly widow, who suffers from dementia, was replaced on the company's board by her 25-year-old grandson Jean-Victor Meyers in 2012. A trial of ten people who allegedly stole hundreds of millions of euros from Bettencourt began in January 2015. She remains the richest woman in Europe.

Question: Who's missing: Alice Walton, Jim Walton, Christy Walton, Larry Ellison, Warren Buffett
Answer: Bill Gates